Heroic Pharmaceutical Company Savagely Undercuts Martin Shkreli's Pill Scam. Iceland does what the US won’t: 26 top bankers sent to prison for role in financial crisis. Reykjavík, Iceland – In stark contrast to the record low number of prosecutions of CEO’s and high-level financial executives in the U.S., Iceland has just sentenced 26 bankers to a combined 74 years in prison. The majority of those convicted have been sentenced to prison terms of two to five years. The maximum penalty in Iceland for financial crimes is six years, although hearings are currently underway to consider extending the maximum beyond six years. YOU MIGHT ALSO LIKE: Screaming conservative parents ignite chaos at Omaha meeting on optional sex-ed class The prosecutions are the result of Iceland’s banksters manipulating the Icelandic financial markets after Iceland deregulated their finance sector in 2001.
According to Iceland Magazine: Massive debts were incurred in the name of the Icelandic public, to allow the country to continue to function, which are still being repaid to the IMF and other nations eight years later by the citizens of Iceland. FCC Votes to Stop Prisons from Charging $14 a Minute for Phone Calls. The Federal Communications Commission voted Thursday to crack down on exorbitant prison phone rates, in a landmark victory for criminal justice reform advocates who have long criticized what they call abusive and predatory practices by phone companies. “Voting to endorse today’s reforms will eliminate the most egregious case of market failure I have ever seen in my 17 years as a state and federal regulator,” FCC Commissioner Mignon Clyburn said Thursday during the agency's monthly open meeting. “The system is inequitable, it has preyed on our most vulnerable for too long, families are being further torn apart, and the cycle of poverty is being perpetuated.”
The new FCC rules cap the cost of prison phone calls at 11 cents a minute for debit or prepaid calls in state and federal prisons, and reduce the cost of most inmate calls from $2.96 to $1.65 for a 15-minute in-state call, and from $3.15 to $1.65 for a 15-minute long distance call. Public interest groups hailed the FCC’s new policy. Iceland’s jailed bankers ‘a model’ for dealing with ‘financial terrorists’ — RT Op-Edge. Published time: December 14, 2013 15:05 By jailing four top officers of Iceland's failed Kaupthing Bank, the country showed the world the right way to deal with the people largely responsible for the 2008 financial crisis, said Charlie McGrath, founder of news website, Wide Awake News. The US and other nations must take it as a model for the next time the too-big- to-fail corporations screw things up and ask for a bailout with taxpayers’ money, he added.
RT: The jail terms are the biggest penalty for such crimes in Iceland's history. What is the significance of the precedent? Charlie McGrath: It’s significant in regards to the 2008 crisis, if you happen to be living here in the United States, where the majority of these too-big-to-fail institutions are headquartered, where the true corporates are, where the CEOs and COOs of these massive corporations live. Not one of them went to jail. This is exactly what needed to happen in the United States and in the rest of the world. 2008–11 Icelandic financial crisis. Economic growth in Iceland, Denmark, Norway and Sweden from 2000 to 2007. Iceland is in red. The 2008–2011 Icelandic financial crisis was a major economic and political event in Iceland that involved the collapse of all three of the country's major privately owned commercial banks, following their difficulties in refinancing their short-term debt and a run on deposits in the Netherlands and the United Kingdom.
Relative to the size of its economy, Iceland's systemic banking collapse is the largest experienced by any country in economic history. However, the financial crisis still had a serious negative impact on the Icelandic economy. The main countermeasures to combat the crisis were: Enforcement of strict capital controls to help protect the ISK currency. The window with bailout support for the Icelandic state officially ended on 31 August 2011, without being extended with new extra loans or Precautionary Conditioned Credit Lines. Development Currency Banks Honka_Honka comments on Anti-FIFA graffiti appearing across Brazil ahead of the World Cup. U.S. attorney general bans asset seizure by local police. WASHINGTON (Reuters) - State and local police in the United States will no longer be able to use federal laws to justify seizing property without evidence of a crime, U.S.
Attorney General Eric Holder said on Friday. The practice of local police taking property, including cash and cars, from people that they stop, and of handing it over to federal authorities, became common during the country's war on drugs in the 1980s. Holder cited "safeguarding civil liberties" as a reason for the change in policy. The order directs federal agencies who have collected property during such seizures to withdraw their participation, except if the items collected could endanger the public, as in the case of firearms. Holder said the ban was the first step in a comprehensive review the Justice Department has launched of the program. (Reporting by Julia Edwards; Editing by Bernadette Baum) Society & CultureCrime & JusticeEric Holder. BBC Sport - Fifa corruption: Sponsor Coca-Cola demands third-party reform. 17 July 2015 Last updated at 17:11 GMT Fifa sponsor Coca-Cola has told world football's governing body that it wants an independent third-party commission to oversee reform of the crisis-hit organisation, the BBC has learned.
On 9 July the American drinks giant formally requested that Fifa's leadership support the idea. It wants the commission to be overseen by what it described as "one or more eminent impartial leaders to manage the efforts necessary to help reform Fifa's governance and its human rights requirements". In correspondence obtained by the BBC, Coca-Cola says: "We believe that establishing this independent commission will be the most credible way for Fifa to approach its reform process and is necessary to build back the trust it has lost. "We are calling for this approach out of our deep commitment to ethics and human rights and in the interest of seeing Fifa succeed. " Blatter is expected to propose a number of reforms designed to repair Fifa's battered reputation.